Towards A Reformulation Of Monetary Theory

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Towards a Reformulation of Monetary Theory

Author : Joseph E. Stiglitz
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (264 download)

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Book Synopsis Towards a Reformulation of Monetary Theory by : Joseph E. Stiglitz

Download or read book Towards a Reformulation of Monetary Theory written by Joseph E. Stiglitz and published by . This book was released on 1992 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper, after providing a critique of standard monetary theory based on the transactions demand for money, examines the effect of monetary policy (changes in reserve requires and open market operations) in a model with competitive, risk averse banks. The effects of changes in bank net worth and bank's risk perceptions are also analyzed. In deep recessions, monetary policy may be ineffective because banks are unwilling to lend. The effects of monetary policy are, at most, only partially mediated through changes in the interest rate. The implications for traditional IS-LM analysis are briefly noted.

Wealth Effects and Monetary Theory

Author : Richard James Sweeney
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (5 download)

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Book Synopsis Wealth Effects and Monetary Theory by : Richard James Sweeney

Download or read book Wealth Effects and Monetary Theory written by Richard James Sweeney and published by . This book was released on 1973* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Monetary Policy

Author : N. Gregory Mankiw
Publisher : University of Chicago Press
ISBN 13 : 0226503100
Total Pages : 358 pages
Book Rating : 4.2/5 (265 download)

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Book Synopsis Monetary Policy by : N. Gregory Mankiw

Download or read book Monetary Policy written by N. Gregory Mankiw and published by University of Chicago Press. This book was released on 2007-12-01 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Monetary Policy, leading monetary economists discuss applied aspects of monetary policy and offer practical new research on the timing, magnitude, and channels of central banking actions. Some of the papers in this volume evaluate a variety of policy rules based on monetary aggregates, nominal income, commodity prices, and other economic variables. Others analyze price behavior and inflation, particularly the short-run behavior of prices. Still others examine the monetary transmission mechanism—the channel through which the central bank's actions affect spending on goods and services—with a special focus on the reduction in bank lending that must accompany a reduction in reserves. This new research will be of special interest to central bankers and academic economists.

Selected Works of Joseph E. Stiglitz

Author : Joseph E. Stiglitz
Publisher : Oxford University Press
ISBN 13 : 0199533709
Total Pages : 767 pages
Book Rating : 4.1/5 (995 download)

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Book Synopsis Selected Works of Joseph E. Stiglitz by : Joseph E. Stiglitz

Download or read book Selected Works of Joseph E. Stiglitz written by Joseph E. Stiglitz and published by Oxford University Press. This book was released on 2009 with total page 767 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first in a series of six volumes containing a selection of Joseph Stiglitz's most important and widely cited work, this volume includes a number of seminal papers on the economics of information. The volume contains substantial additional original commentary by Joseph Stiglitz on his work and the field more generally.

Towards a General Theory of Deep Downturns

Author : Joseph E. Stiglitz
Publisher : Springer
ISBN 13 : 1137586915
Total Pages : 78 pages
Book Rating : 4.1/5 (375 download)

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Book Synopsis Towards a General Theory of Deep Downturns by : Joseph E. Stiglitz

Download or read book Towards a General Theory of Deep Downturns written by Joseph E. Stiglitz and published by Springer. This book was released on 2016-01-26 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Joseph Stiglitz examines the theory behind the economic downturns that have plagued our world in recent times. This fascinating three-part lecture acknowledges the failure of economic models to successfully predict the 2008 crisis and explores alternative models which, if adopted, could potentially restore a stable and prosperous economy.

Towards a New Paradigm in Monetary Economics

Author : Joseph Stiglitz
Publisher : Cambridge University Press
ISBN 13 : 9780521008051
Total Pages : 356 pages
Book Rating : 4.0/5 (8 download)

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Book Synopsis Towards a New Paradigm in Monetary Economics by : Joseph Stiglitz

Download or read book Towards a New Paradigm in Monetary Economics written by Joseph Stiglitz and published by Cambridge University Press. This book was released on 2003-09-04 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: A pioneer treatment of monetary economics written by two of world's leading authorities.

Credit, Money, and Production

Author : Louis-Philippe Rochon
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781959596
Total Pages : 360 pages
Book Rating : 4.9/5 (595 download)

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Book Synopsis Credit, Money, and Production by : Louis-Philippe Rochon

Download or read book Credit, Money, and Production written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 1999-11-25 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rochon (economics and banking, Kalamazoo College) uses a horizontalist perspective to offer a historical overview of the post-Keynesian and circuit approaches to endogenous money, and provides an informed critique of the development of post-Keynesian economics. He argues that rather than emphasizing the early writings of Minsky, Kaldor, and Tobin in the 1950s and of Davidson and Rousseas later, post Keynesians ought to have followed the writings of Joan Robinson and Richard Kahn who offered better theories of credit-money.

Macroeconomics and the Real World: Volume 2: Keynesian Economics, Unemployment, and Policy

Author : Roger E. Backhouse
Publisher : OUP Oxford
ISBN 13 : 0191584800
Total Pages : 317 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis Macroeconomics and the Real World: Volume 2: Keynesian Economics, Unemployment, and Policy by : Roger E. Backhouse

Download or read book Macroeconomics and the Real World: Volume 2: Keynesian Economics, Unemployment, and Policy written by Roger E. Backhouse and published by OUP Oxford. This book was released on 2000-11-23 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the middle of twentieth century, economists have invested great resources into using statistical evidence to relate macroeconomic theories to the real world, and many new econometric techniques have been employed. In these two volumes, a distinguished group of economic theorists, econometricians, and economic methodologists examine how evidence has been used and how it should be used to understand the real world. Volume 1 focuses on the contribution of econometric techniques to understanding the macroeconomic world. It covers the use of evidence to understand the business cycle, the operation of monetary policy, and economic growth. A further section offers assessments of the overall impact of recent econometric techniques such as cointegration and unit roots. Volume 2 focuses on the labour market and economic policy, with sections covering the IS-LM model, the labour market, new Keynesian macroeconomics, and the use of macroeconomics in official documents (in both the USA and EU). These volumes will be valuable to advanced undergraduates, graduate students, and practitioners for their clear presentation of opposing perspectives on macroeconomics and how evidence should be used. The chapters are complemented by discussion sections revealing the perspectives of other contributors on the methodological issues raised.

Economic Theory and Policy amidst Global Discontent

Author : Ananya Ghosh Dastidar
Publisher : Taylor & Francis
ISBN 13 : 1351137573
Total Pages : 464 pages
Book Rating : 4.3/5 (511 download)

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Book Synopsis Economic Theory and Policy amidst Global Discontent by : Ananya Ghosh Dastidar

Download or read book Economic Theory and Policy amidst Global Discontent written by Ananya Ghosh Dastidar and published by Taylor & Francis. This book was released on 2018-02-06 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book rethinks economic theory and calls for a creative and pragmatic approach to policymaking. It examines what development and sustenance of economic progress mean, and how these may be facilitated. The relevance of this issue has received fresh impetus from the significant changes in the degree and pattern of international economic relations that are unfolding across the world, posing both opportunities and challenges. While globalisation of goods and financial markets may have delivered high growth for some nations, the distribution of the benefits has often been highly unequal, with gains to owners of capital and skills being disproportionately higher compared to that of labour, especially the unskilled. Widening and persistent inequalities have been at the heart of rising polarisation and spread of conflicts that threaten the social fabric. This work emphasises the relevance of a broad policy framework based on building individual capabilities and in line with a human-centric perspective. At the same time, it points out the crucial need to create policy space for macroeconomic stability and to accommodate heterodox influences, especially when conventional wisdom proves inadequate, as starkly demonstrated inter alia during the recent global financial crisis. This festschrift, dedicated to Deepak Nayyar, presents chapters on diverse themes that address the persisting global problems of poverty, inequality and sustaining development. The book will be of great interest to scholars and researchers of economics, development studies, public policy and governance, and also to policymakers, government officials and those in media.

Flow-of-Funds Analysis

Author : John C. Dawson
Publisher : M.E. Sharpe
ISBN 13 : 9780765634498
Total Pages : 778 pages
Book Rating : 4.6/5 (344 download)

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Book Synopsis Flow-of-Funds Analysis by : John C. Dawson

Download or read book Flow-of-Funds Analysis written by John C. Dawson and published by M.E. Sharpe. This book was released on 1996-06-27 with total page 778 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a collection of articles on the flow of funds that attempts to serve as a reference guide to economists in academia, business, finance and government. Flow of funds analysis is widely used in analysis of financial institutions and markets. In fact, they were largely constructed by the Federal Reserve and other central banks and were the foundations for defining and measuring the various concepts of the monetary aggragates used as key targets by central banks in carrying out monetary policy. The book brings together the scattered articles on the subject and should be useful as a research guide and teaching source.

An Artificial Wicksell—Keynes Macroeconomy

Author : Ichiro Takahashi
Publisher : Springer Nature
ISBN 13 : 9811668396
Total Pages : 174 pages
Book Rating : 4.8/5 (116 download)

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Book Synopsis An Artificial Wicksell—Keynes Macroeconomy by : Ichiro Takahashi

Download or read book An Artificial Wicksell—Keynes Macroeconomy written by Ichiro Takahashi and published by Springer Nature. This book was released on 2022-03-07 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an agent-based macroeconomic model developed on the Keynesian principle of effective demand and the Wicksellian theory of cumulative process. The main purpose of the book is to demystify inherent forces that revive an economy from a long-run downturn. The model has three types of bounded-rational agents: firm, household, and bank. To highlight the autonomous revival mechanisms, the model is assumed to be completely closed and free from any external influences such as changes in management of aggregate demand or supply/demand shocks. The key finding of the book is that diversity of firms is a crucial element in reviving investment activities. While a production sector is represented by a single firm in a conventional model, this model has introduced a large number of heterogeneous firms that confront diverse constraints both at the firm and aggregate levels. The behaviours of these firms may vary despite being exposed to the same aggregate environment. For example, economic downturns usually precipitate a fall in real wages as a response to decreased aggregate demand. Most firms reduce their employment focusing on the reduction in aggregate demand. However, some firms identify a reduction in real wage as a sign of improving profitability hence they may expand employment. This could result in an increased aggregate demand and benefit other firms with further employment. It could even reverse the trend to an upslope, thereby ultimately achieving full of near full employment. This book details further on: (1) the rigidity of prices and wages in a stable economy (2) the fundamental factors to establish a robust and high-performing economy, with the focus on the importance of a stable and equitable macroeconomic environment.

Economics in a Changing World

Author : Jean-Paul Fitoussi
Publisher : Springer
ISBN 13 : 1349239534
Total Pages : 292 pages
Book Rating : 4.3/5 (492 download)

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Book Synopsis Economics in a Changing World by : Jean-Paul Fitoussi

Download or read book Economics in a Changing World written by Jean-Paul Fitoussi and published by Springer. This book was released on 1995-06-12 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth patterns have changed radically over the last two decades, to which capital and the labour markets appear to have failed to adapt. Unemployment in Europe has been growing, almost without remission, to levels unseen since the Great Depression. These facts are somewhat at odds with the development of growth theory which has mainly been orientated towards an equilibrium full employment framework. The main message of equilibrium theory of fluctuations was precisely that the policy maker is impotent. Now, with the universal acceptance of endogenous growth theory, the common concensus proposition would be `we are all neo-classical for the short run and Keynesian for the long run' (investment being too important for growth to be left entirely in private hands).

Macroeconomics and Monetary Theory

Author : Harry G. Johnson
Publisher : Routledge
ISBN 13 : 1351508008
Total Pages : 213 pages
Book Rating : 4.3/5 (515 download)

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Book Synopsis Macroeconomics and Monetary Theory by : Harry G. Johnson

Download or read book Macroeconomics and Monetary Theory written by Harry G. Johnson and published by Routledge. This book was released on 2017-09-08 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics is an outgrowth from the main stream of classical monetary theory following Keynes. Keynes changed the emphasis from determination of the level of money prices to determination of the level of output and employment. He also changed the key relationship from demand and supply of money as determining the price level to the relationship between consumption expenditure and income, in conjunction with private investment expenditure, as determining the level of output and therefore employment demanded. The income multiplier replaced the velocity of circulation as the key concept of monetary theory. The tendency of the past twenty-five years has been to reintegrate Keynesian and classical monetary theory into one general system of analysis. Moreover, as inflation has succeeded mass unemployment as a major policy problem, interest in classical monetary theory has revived, while Keynesians have increasingly' emphasized the monetary aspects of Keynesian theory. The proper contemporary distinction is not between two separate branches of economic theory, but between two areas of application or contexts of the theory of rational maximizing behavior. In the one (the microeconomic) context, it is assumed either that the overall workings of the economic system can be disregarded, or that the macroeconomic relationships are in full general equilibrium. In the other (the macroeconomic) context, it is assumed that the maximizing decisions of individual economic units (firms and households) will not necessarily add up to a macroeconomic equilibrium, but will produce a disequilibrium situation that will in the course of time produce changes in the individual decisions.

NBER Reporter

Author : National Bureau of Economic Research
Publisher :
ISBN 13 :
Total Pages : 346 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis NBER Reporter by : National Bureau of Economic Research

Download or read book NBER Reporter written by National Bureau of Economic Research and published by . This book was released on 1992 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Raising Keynes

Author : Stephen A. Marglin
Publisher : Harvard University Press
ISBN 13 : 0674971027
Total Pages : 921 pages
Book Rating : 4.6/5 (749 download)

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Book Synopsis Raising Keynes by : Stephen A. Marglin

Download or read book Raising Keynes written by Stephen A. Marglin and published by Harvard University Press. This book was released on 2020-07-14 with total page 921 pages. Available in PDF, EPUB and Kindle. Book excerpt: Back to the future: a heterodox economist rewrites Keynes's General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century. John Maynard Keynes's General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes's lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins. Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes's intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand. Ordinary citizens have paid a steep price for the distortion of Keynes's message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose. Fleshing out Keynes's intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy.

Income Distribution and High-quality Growth

Author : Vito Tanzi
Publisher : MIT Press
ISBN 13 : 9780262201094
Total Pages : 448 pages
Book Rating : 4.2/5 (1 download)

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Book Synopsis Income Distribution and High-quality Growth by : Vito Tanzi

Download or read book Income Distribution and High-quality Growth written by Vito Tanzi and published by MIT Press. This book was released on 1998 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributors argue that there need not be a trade-off between growth and equity in the long run. However, attempts by government to influence income distribution through large-scale tax and transfer programs can have a negative impact on growth. The contrast is vivid. While the majority of people in the industrial world and some in the developing world enjoy unprecedented affluence, a far greater number of people in the low-income countries live in abject poverty. Although several developing countries are achieving rapid economic growth and poverty reduction, most formerly centrally planned countries are struggling to implement market-oriented reforms in the midst of economic deterioration and rising poverty. The paramount importance of reducing poverty worldwide is forcing economists and policymakers to look at how income distribution and economic growth interact. The essays in this volume grew out of a 1995 conference sponsored by the International Monetary Fund. The contributors are scholars and policymakers from academic institutions, governments, and international organizations. The questions discussed include: How does income distribution interact with economic growth in the short run and the long run? To what extent can government use transfer programs to increase the incomes of the poor? How can government use social programs to help the poor increase their income-earning capacity? Does distributional inequality create an obstacle to long-term poverty reduction? Alternatively, is distributional inequality a necessary means of achieving economic growth? Generally, the contributors agree that there need not be a trade-off between growth and equity in the long run. However, attempts by government to influence income distribution through large-scale tax and transfer programs can have a negative impact on growth.

Entrepreneurship

Author : Timothy G. Habbershon
Publisher : Bloomsbury Publishing USA
ISBN 13 : 0313070423
Total Pages : 832 pages
Book Rating : 4.3/5 (13 download)

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Book Synopsis Entrepreneurship by : Timothy G. Habbershon

Download or read book Entrepreneurship written by Timothy G. Habbershon and published by Bloomsbury Publishing USA. This book was released on 2006-11-30 with total page 832 pages. Available in PDF, EPUB and Kindle. Book excerpt: Entrepreneurship is credited for technological invention, the rise of corporate empires and directly linked to economic development around the world. This multi-volume set of original essays showcases emerging theory and practice in entrepreneurship to illuminate its many facets, covering such topics as business models, entrepreneurial mindset, market research, capitalization, intellectual property, risk and uncertainty, and organizational culture. Volume 1, People, focuses on the intersection between individuals and entrepreneurship, with an emphasis on the cognitive, economic, social, and institutional factors that influence people's behavior with respect to entrepreneurship. Volume 2, Process, explores such topics as idea generation, market entry, financing, team building, and growth strategies, following the lifecycle of a new venture. Volume 3, Place, considers the context in which entrepreneurship is practiced, including corporate venturing, family enterprise, franchising, and public policies designed to promote entrepreneurship and economic development. Featuring contributions from leading scholars and practitioners, and with a global perspective throughout, this unique set explores new models, trends, and practices in entrepreneurship that will be of interest to a wide array of academics, professionals, and newcomers to the field.